Macy's by the Numbers

Macy's warned that its margins will come under further pressure in the current quarter and for the full fiscal year.

The department store chain cited a variety of factors, including an inventory overhang from last year, aggressive promotions for beauty products, home decor pricing, and watch sales.

The company also outlined a new promotional strategy to move away from sales promotions and focus messaging around tentpole campaigns tied to the four seasons. But attention seemed to focus more on the question of margins.

Margins: After falling for several years, Macy's gross margin rose 32 basis points in fiscal 2016.

Store productivity: Average sales per store has fallen in each of the past four fiscal years, and is down 5.8% in the latest 12 months. Average sales per square foot stood at $150 for the latest 12-month period.

Same-store sales: Comparable sales were off 3.5% in 2016, after a 3.0% decline in 2015.